The largest solar provider in the United States, Solar City, has launched its new solar loan program that is going into effect in 14 new states across the US. This is making it possible for consumers to immediately pass less for solar than they do for their traditional electric bills and is a historic tipping point for both environmentalists causes and the solar industry in general. For everything up to this point it has long been the case that people only justify their move to solar for environmental or sentimental causes, given the high cost of installation and maintenance. However, all that is about to seriously change and its a beautiful things. This is all part of a movement to make our homes more efficient. 

This was announced this week and Solar City is unveiling its new solar load program in 14 new states to test the waters before they go world wide with the platform. “We can now offer a loan that makes it possible for many customers to pay less for solar from day one, and still receive thousands back in tax credits on top of that. This program will allow thousands of additional customers across the US to install social this year and start saving money immediately, and we expect to work with multiple lenders, that will allow us to expand to several new states by the end of the month with the same kind great terms for out customs.” Says the acting CEO of Solar City.

The terms of the new loan agreement will look something like a 10 year loan with an annual percentage rate as low as 2.99% if you decide to go the 20 year route it an annual percentage rate would be just under the 4.99% threshold.

This is going to allow customers to prepay their entire balance or prepay a portion of their loan to lower their monthly payments at any time, with no fees or penalties which is huge for consumers. The reason this is so big is that a lot of wanting to avoid a solar loan is because it is just that, a loan. People know that they will be locked in for years and years and will end up paying way more than what the product is even worth. Today all that is changing and if you ever get the chance to pay it all off at once, whether its a bonus at work or diligent savings you can pay it all off in one swoop and save yourself from the mill stone that is perpetual debt.  

Solar City is going going to be implementing these new initiatives in Arizona California, Colorado, Connecticut, Delaware, Maryland, Massachusetts, New Hampshire, New Mexico, New Jersey, New York, Oregon, Rhode Island, Texas, and Washington D.C. with new locations expected to be announced in the coming months. This is going to be a slam dunk deal for Solar City and as we can see non of their competition is offering anything near as insisting as these them. With time being of the essence it is going to be interesting to see if they can scale in time or if they will fall flat.

 

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